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First Hawaiian, Inc. (FHB) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

First Hawaiian, Inc.

CIK: 36377 Ticker: FHB

EXHIBIT 99.1

 

Picture 2

For Immediate Release

First Hawaiian, Inc. Reports Second Quarter 2019 Financial Results and Declares Dividend

·

Net income of $72.4 million, or $0.54 per diluted share, core net income  of $72.6 million or $0.54 per diluted share1

·

Repurchased 1..5 million shares at a cost of $40 million

·

Board of Directors declared a quarterly dividend of $0.26 per share

HONOLULU, Hawaii July 25, 2019--(Globe Newswire)--First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its second quarter ended June 30, 2019.

“I’m pleased to report that the company turned in another solid performance in the second quarter, highlighted by strong earnings driven by excellent credit quality, higher net interest margin, and continued prudent expense management,” said Bob Harrison, Chairman and Chief Executive Officer. “We also began executing our share repurchase program and returned $40 million of capital to shareholders.”

On July 24, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 6, 2019 to stockholders of record at the close of business on August 26, 2019.

In addition, Eric Yeaman, President and Chief Operating Officer of the Company and the Bank, announced that he is resigning from his positions with the Company and the Bank, as well as his position as a director of the Bank, effective August 12, 2019. “Eric’s leadership has been a key driver of our bank’s success over the last four years.  His experience managing public companies played an integral role in helping First Hawaiian navigate through the IPO process and transitioning the company to independence.  He has made a lasting impact on the organization, formed deep relationships with our teams and our customers, and will be missed.  We wish him continued success in the years ahead.”

Second Quarter 2019 Highlights (Comparisons Are To First Quarter 2019):

·

Profitability measures were excellent with ROA of 1.42%, core ROATA1,2 of 1.50%, ROE of 11.13% and core ROATCE1,2 of 18.03%;

·

Loans and leases grew $67.2 million, or 0.5%, primarily in residential mortgage loans, commercial real estate loans and leases;

·

Net interest margin (“NIM”) increased 2 basis points to 3.25%;

·

Reported efficiency ratio was 48.0% and core efficiency ratio1 was 47.9%;

·

Continued excellent credit quality.  The ratio of non-performing assets to total loans and leases and other real estate owned was 0.03% at the end of the second quarter;

·

Through June 30, repurchased 1.5 million shares at total cost of $40 million;

·

On July 24, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share, equal to an annual dividend yield of 3.94% based on the share price as of the close of business on that date.

 

Balance Sheet

Total assets were $20.5 billion as of June 30, 2019, compared to $20.4 billion as of March 31, 2019.

Gross loans and leases were $13.3 billion as of June 30, 2019, an increase of $67.2 million, or 0.5%, from $13.2 billion as of March 31, 2019. The increase was primarily due to growth in residential mortgage loans, commercial real estate loans, and leases, partially offset by declines in construction and commercial and industrial (“C&I”) loans.

Total deposits were $16.8 billion as of June 30, 2019, unchanged from $16.8 billion as of March 31, 2019.

 

 

 

 

The following information was filed by First Hawaiian, Inc. (FHB) on Thursday, July 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how First Hawaiian, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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First Hawaiian, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside First Hawaiian, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes (Details)
Accumulated Other Comprehensive Loss - Changes, Net Of Tax (Details)
Allowance For Loan And Lease Losses
Allowance For Loan And Lease Losses (Tables)
Allowance For Loan And Lease Losses - Activity (Details)
Allowance For Loan And Lease Losses - Aging Of Analysis Of Past Due Loans And Leases (Details)
Allowance For Loan And Lease Losses - Credit Risk Profiles (Details)
Allowance For Loan And Lease Losses - Disaggregation By Impairment Methodology (Details)
Allowance For Loan And Lease Losses - Impaired Loans And Leases (Details)
Allowance For Loan And Lease Losses - Troubled Debt Restructuring Modifications (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Commitments To Extend Credit, Participations Sold (Details)
Commitments And Contingent Liabilities - Contingencies (Details)
Commitments And Contingent Liabilities - Financial Instruments With Off-Balance Sheet Risk (Details)
Deposits
Deposits (Tables)
Deposits - Interest-Bearing Or Noninterest-Bearing (Details)
Deposits - Maturity Distribution Of Time Certificates Of Deposits (Details)
Deposits - Time Certificate Denominations And Overdrawn Accounts (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Cash Flow Hedges (Details)
Derivative Financial Instruments - Clearinghouse Margin And Collateral (Details)
Derivative Financial Instruments - Counterparty Credit Risk And Credit-Risk Related Contingent Features (Details)
Derivative Financial Instruments - Derivatives Not Designated As Hedges (Details)
Derivative Financial Instruments - Fair Value Hedges (Details)
Derivative Financial Instruments - Free-Standing (Details)
Derivative Financial Instruments - Notional Amounts And Fair Values (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis (Details)
Fair Value - Assets And Liabilities Recorded At Fair Value On A Recurring Basis (Details)
Fair Value - Changes In Fair Value Levels And In Level 3 Liabilities (Details)
Fair Value - Financial Instruments Not Required To Be Carried At Fair Value (Details)
Fair Value - Significant Unobservable Inputs Used In Fair Value Measurements (Details)
Fair Value - Unfunded Loan And Lease Commitments And Letters Of Credit (Details)
Fair Value - Visa Derivative (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Fair Value Of Securities (Details)
Investment Securities - Contractual Maturity (Details)
Investment Securities - Other-Than-Temporary Impairment (Details)
Investment Securities - Pledged Securities And Concentration (Details)
Investment Securities - Proceeds From Calls And Sales, Realized Gains And Losses And Interest Income (Details)
Investment Securities - Unrealized Gross Losses And Fair Values Of Securities In A Continuous Loss Position (Details)
Investment Securities - Visa Class B Restricted Shares (Details)
Leases
Leases (Tables)
Leases - Cost And Accumulated Depreciation (Details)
Leases - Future Minimum Rental Income (Details)
Leases - Future Minimum Rental Payments (Details)
Leases - Lease Liabilities (Details)
Leases - Net Lease Expense (Details)
Leases - Terms Of Leases (Details)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Commitments (Details)
Loans And Leases - Components (Details)
Long-Term Borrowings
Long-Term Borrowings (Tables)
Long-Term Borrowings - Components (Details)
Long-Term Borrowings - Future Contractual Principal Payments (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Changes In Amortized Msrs (Details)
Mortgage Servicing Rights - Loans, Fees, Amortization And Carrying Value (Details)
Mortgage Servicing Rights - Quantitative Assumptions Used For Msrs (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation - Accounting Standards Adopted (Details)
Organization And Basis Of Presentation - Subsidiary Ownership (Details)
Organization And Basis Of Presentation - Transition To An Independent Public Company (Details)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Regulatory Capital Requirements - Capital Conservation Buffer (Details)
Reportable Operating Segments
Reportable Operating Segments (Tables)
Reportable Operating Segments - Business Segments (Details)
Reportable Operating Segments - Selected Business Segment Financial Information (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Balances (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Other (Details)
Short-Term Borrowings
Short-Term Borrowings (Tables)
Short-Term Borrowings - Components And Selected Information (Details)
Transfers Of Financial Assets
Transfers Of Financial Assets (Tables)
Transfers Of Financial Assets - Carrying Amounts Of Assets Pledged As Collateral, Borrowings And Other Transactions (Details)

Material Contracts, Statements, Certifications & more

First Hawaiian, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FHB
CIK: 36377
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-006427
Submitted to the SEC: Mon Jul 29 2019 2:14:12 AM EST
Accepted by the SEC: Mon Jul 29 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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